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Ternary iron arsenide with -type structure has been studied by magnetic susceptibility, resistivity, thermopower, Hall, and specific-heat measurements. The compound undergoes two magnetic phase transitions at about 200 and 20 K, respectively. The former was found to be accompanied with a slight drop in magnetic susceptibility (after subtracting the Curie-Weiss paramagnetic contribution), a rapid decrease in resistivity, a large jump in thermopower, and a sharp peak in specific heat with decreasing temperature, all of which point to a spin-density-wave-like antiferromagnetic transition. The latter was proposed to be associated with an -type antiferromagnetic ordering of moments. Comparing with the physical properties of the isostructural compounds and , we expect that superconductivity could be induced in through appropriate doping.